- Title
- How Milton Friedman came to Australia : A case study of class-based political business cycles
- Creator
- Courvisanos, Jerry; Millmow, Alex
- Date
- 2006
- Type
- Text; Journal article
- Identifier
- http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/67837
- Identifier
- vital:211
- Identifier
- ISSN:0156-5826
- Abstract
- Thirty years ago, in April 1975, Milton Friedman, came to Australia to declare that the world economic situation manifestly unsound.[1] Friedman asserted on that trip what Michael Kalecki predicted in his 1943 article would be the response of ‘captains of industry’ to Keynesian macroeconomic policies; it was that ‘…government expenditure financed by borrowing will cause inflation’ (Kalecki, 1990: 348). A chorus of Australian businessmen and mandarin economists came out in support of Friedman, leading to the demise of Keynesian macroeconomic policy and the rise of neo-liberal policies. Milton Friedman, at the time was the Paul Snowden Russell Distinguished Service Professor of Economics at the University of Chicago; and acknowledged head of the ‘Chicago School’ of monetary economics, called ‘monetarism’. A year later, in 1976, Friedman received the ‘Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel’, confirming his status in the financial community and the neo-liberal mainstream of the economics profession during this period. At the time he was also a regular contributor to Newsweek magazine.; C1
- Publisher
- Sydney, Australia Australian Political Economy Movement
- Relation
- Journal of Australian political economy Vol. 57, no. (2006), p. 112-136
- Rights
- Open Access
- Rights
- Copyright Australian Political Economy Movement
- Rights
- This metadata is freely available under a CCO license
- Subject
- 1606 Political Science; Milton Friedman; Australia keynesian macroeconomics; Policies; Research; Economy
- Full Text
- Reviewed
- Hits: 2625
- Visitors: 3050
- Downloads: 533
| Thumbnail | File | Description | Size | Format | |||
|---|---|---|---|---|---|---|---|
| View Details Download | DS1 | Published version | 164 KB | Adobe Acrobat PDF | View Details Download |